Oil slips below $80, energy stocks fall
NEW YORK (AP) — The price of oil fell below $80 a barrel Monday morning and investors resumed their retreat from energy stocks.
Mounting evidence of rising supplies and weak demand continues to sour investors on prospects for crude oil and the companies that produce it.
Goldman Sachs was the latest Wall Street bank to lower its forecast for crude prices, saying OPEC was unlikely to reduce exports in an effort to push prices back up.
Benchmark U.S. crude was down $1.09 to $79.92 a barrel in New York. Brent crude, a benchmark used to price international oils used by many U.S. refineries, was down $1.20 to $84.93 in London.
Shares of Continental Resources Inc. and EOG Resources, which focus on U.S. oil drilling, fell more than 4 percent.